In his Behind the Numbers report this week, David Smith, head of American insights at Cushman & Wakefield, said a negative number is a positive for the office market.

The inventory of available sublease space – previously leased office space that occupiers have vacated available for sublease – has now declined by 5.6 million square feet over the past three quarters, and more than half of all US office markets have seen a decline in sublease inventory over the past year, said Smith.

“That's a big deal because after years of businesses putting sublease space on the market, we're now seeing them take it back,” said Smith. He attributed this to more workers returning to the office and employers realizing they need the office space. Sublease inventory is typically a leading indicator for the overall office market. When sublease vacancy peaks, overall vacancy typically peaks shortly after, he said.